I read a while back that Quantum Computers can break most types of hashing and encryption in use today in a very short amount of time(I believe it was mere minutes). How is it possible? I've tried reading articles about it but I get lost at the a quantum bit can be 1, 0, or something else. Can someone explain how this relates to cracking such algorithms in plain English without all the fancy maths?
In the most basic terms, a normal no quantum computer works by operating on bits (sates of on or off) uesing boolean logic. You do this very fast for lots and lots of bits and you can solve any problem in a class of problems that are computable.
However they are "speed limits" namely something called computational complexity.This in lay mans terms means that for a given algorithm you know that the time it takes to run an algorithm (and the memory space required to run the algorithm) has a minimum bound. For example a algorithm that is O(n^2) means that for a data size of n it will require n^2 time to run.
However this kind of goes out the window when we have qbits (quantum bits) when you are doing operations on qbits that can have "in between" values. algorithms that would have very high computational complexity (like factoring huge numbers, the key to cracking many encryption algorithms) can be done in much much lower computational complexity. This is the reason that quantum computing will be able to crack encrypted streams orders of magnitude quicker then normal computers.